Yes. Ok, that might be too quick and too brazen, but the truth is most people stand to gain significant risk offset benefits from disability insurance. Most of the things that we value in life are insured – our home, our car and even our life. It is aquite realistic assessment that the risk of damage is quite real, and the cost of repairs (not in case of life insurance, but other insurances) to those objects may be too high to bear in case of an accident or a natural disaster. But in our risk management planning, one thing is often ignored, that is our income. Our earnings are secured only as long as we are healthy and able to work. In case that changes, a disability insurance can provide some much-needed relief.

The scenario in healthcare industry

The case for disability insurance is even stronger in the healthcare industry. Doctors are highly skilled professionals. They are highly reliant on their skill and talents to be able to do their job and earn their livelihood. In case any disability causes them to be unable to render their job, they are at significant risk. Hence, disability insurance is quite prevalent among doctors. In fact, it is common practice for doctors to opt for own-speciality or own-profession insurance plans which are quite expensive but provide generous cover. There are various major insurers that offer specialised insurance products for healthcare professionals such as Ameritas Disability Income Insurance for Medical Professionals, which is a disability insurance for doctors. There are also specialised products on offer by the Ohio National Disability Income Insurance and MassMutual Disability Insurance which also offer own-speciality insurance options as riders.

Some larger healthcare institutions such as hospitals or medical research centres may have a group insurance policy for covering disability, but most group policies provided by employers are inadequate to cover all expenses in case of loss of livelihood. Also, if the doctor chooses to leave the institution, the policy cannot be migrated most of the time. Hence, a personal doctor disability insurance policy is recommended in order to have sufficient coverage and also continue coverage regardless of employer.

Are the risks really high enough?

Let us take a look at the data. According to a survey, about a third of all doctors experience some or the other kind of disability in their professional careers. Of those, about in 40% of the cases, the disability lasts for 7 years or more. That’s the data about the healthcare industry. Now take a look at the average population data. According to the Social Security Administration, an average 20 year old has a 30% probability of suffering from a disability period of 6 months or more. Those are some significant statistical risks, and a good insurance will help you tip the scales in your favour.

Peace of mind

Another advantage of disability is enormous peace of mind. If you have any dependents in your family, such as kids, then having a disability insurance will relieve you of a significant amount of anxiety. There are several insurance plans that pay out almost 85% of your normal earnings as benefits in case you suffer from a disability. Such financial support will help you more or less maintain your present quality of life regardless of any unforeseen tragedies.

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Earning a consistent income in their retirement life is a major concern for the seniors approaching their retirement and many of them invest in different annuity insurance plans. These annuities help the insured to receive a guaranteed income for life protects from the fear of outliving their savings. Also, if a senior couple hasn’t saved enough or doesn’t have someone to support after their retirement, these policies help greatly to take care of their daily expenses and maintain a better lifestyle. However, the majority of seniors isn’t aware of all the benefits an annuity can bring. Most of them buy an annuity solely to receive a guaranteed income in their retirement life but the annuities have a lot to offer. Here, we are going to explain five more benefits of a retirement annuity plan that you might not be knowing.

Benefit to your loved ones

At times, seniors pay a long series of premiums to earn them back during their retirement but die at an early age without receiving the complete benefits. Many seniors die soon after their retirement and insurance providers keep their share of investment with themselves. But, the new additional feature allows transferring the benefits to the beneficiaries, if the insured dies early. Along with the immediate annuity plan, you can choose a guaranteed period of 10-20 years that are calculated since the time you start receiving the payments. If you opt for a 20-year guaranteed period with the annuities, your insurer will provide a series of payments for exact 20 years. You can name your spouse or kids as the beneficiary and they will receive the benefits for rest of the period, in case you die early.

Tax deferral on earnings

Most of the investments are applicable for state and federal taxes, but the investments such as interests, annuities, dividends and capital gains earn a tax-deferred status. These investments are tax-free until you withdraw the accumulated amount. The tax-deferral is similar to 401(k)s and IRAs, but there isn’t any limit on the amount and you can put any amount into the annuities that you assume enough to spend your retirement comfortably. Moreover, the minimum withdrawal criteria have more flexibility than that of to 401(k)s and IRAs.

Tax-free investment transfers

Market performs differently at a different time and an investment performing strong today may perform poorly after a certain period. Hence, investors keep transferring their investment amount form one to another fund and there are financial advisors to help with the same. Usually, these investment transfers or rebalancing are applicable for taxes but the annuity retirement plan has no such tax consequences. That means, you can rebalance your investments as per your financial advisor’s suggestion and you won’t have to pay any taxes on that.

Protection from lenders

People take different types of loans to match a better lifestyle and pay the due amount in installments. At times, people reach a stage where they only have the money enough to take care of their fundamental requirements and aren’t able to pay the loan installments. In such cases, if the lender files a lawsuit, they may lose the return on the investments made. Annuities insurance policies also help protect your investment return even if you can’t make the installments. Usually, the premiums you have made to your insurance provider, belongs to them and there are laws that restrict that money to be accessed by the lenders.

Variety of investment options

Insurers help the investors with a range of annuity options at retirement including the fixed and variable one. The first one credits a certain rate of interest on the amount you deposit while with the later, your money is invested in the stock or bonds like mutual funds and provide a return based on the market performance. Also, various insurance providers have introduced different types of floors that set a limit by which your investment value may not fall further. That means, if you have invested in a variable annuity, you return won’t fall below a certain value, despite the fluctuations in the market.